Indian IT company Infosys is exploring the possibility of applying blockchain technology to increase the effectiveness of trade Finance.
A subsidiary of the company — Infosys Finacle have announced the development of the trading network India Trade Connect (ITC) in partnership with 7 Indian commercial banks.
Network based on blockchain technology developed for digitizing business processes, trade Finance and covers such areas as verification of ownership, certification of documents and payments.
Currently, ITC is used by the banks in the blockchain as a pilot project to increase automation and transparency, and to aid in managing trade risk and supply chain. In Infosys noted that ITC was created to future prospective chain can meet the technological changes in the industry.
“The digitization of processes of trade financing using the technology of distributed registry offers a huge potential to resolve disputes, reduce costs and increase revenue through new business products that are already viable,” said a leading business-to-employee Infosys Finacle Sanat RAO (Sanat Rao).
He noted that the company hopes to attract to the project and more banks, so they can assess the potential benefits of blockchain systems.
Indian banks are actively exploring the use of DLT technology for different solutions in the financial industry. One of the leaders in this field became the largest state Bank State Bank of India (SBI).
Earlier this year the Prime Minister of India Narendra modi (Narendra Modi) called the blockchain is a revolutionary technology that will lead to a profound transformation of society, and called for its early adaptation in the workplace.